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The Palestine Exchange (PEX) received the unaudited interim condensed financial statements from Al-Takaful Palestinian Insurance Company ( TIC). PEX disclosure rules give all PEX listed companies one month to report their first quarter interim financial statements as reviewed by the company’s internal auditor. In addition to this press release, this disclosure was published on the PEX website (www.pex.ps) and emailed to PEX member securities firms.
The disclosure included an approval from the Insurance Directorate Department within the Palestine Capital Markets Authority (PCMA) to disclose financial information.
The disclosed information includes: the Statement of Financial Position, the Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership and the Statement of Cash Flows. The interim report should also include information required by Article (37/2) of the PEX disclosure rules in place. The company included information regarding management, issued shares, material changes and significant events that may have affected financial performances during the first three months of the year.
According to company data for the first three months of the year, net profit before taxes reached 652,224 USD, compared with a net profit before taxes of 84,164 USD from the first three months of 2011, a net increase of 674.9%. Total assets of the company reached 18,641,195 USD as of March 31st, 2012, compared to total assets of 17,634,237 USD as of December 31st, 2011, a net increase of 5.7%. Total liabilities of the company reached 9,718,703 USD as of March 31st, 2012, compared to total liabilities of 9,176,092 USD as of December 31st, 2011, a net increase of 5.9%. Net ownership equity of the company reached 8,922,492 USD as of March 31st, 2012, compared with a net ownership equity of 8,458,145 USD as of December 31st, 2011, a net increase of 5.5% in the first three months.